We have been made aware by the Chartered Institute of Taxation that, the UK tax authorities, HM Revenue and Customs (“HMRC”) intend to target offshore companies owning UK property.
Non-Resident companies that own UK property have an obligation to file returns with HMRC. The extent of those obligations will depend on the specific circumstances of the company. It is anticipated two types of letter will be sent and will be aimed at companies HMRC believe have not complied with filing obligations as a non-resident corporate landlord or a liability to the Annual Tax on Enveloped Dwellings (ATED), or that have sold property and not reported the disposal under the Non-Resident Capital Gains Tax regime (NRCGT). The campaign will also target individual owners of those companies to review their own circumstances and specifically with reference to anti-avoidance legislation such as the Transfer of Assets Abroad (ToAA).
We assist many overseas corporate clients in meeting their corporate tax, ATED and NRCGT obligations on an annual basis. If you have received one of these letters, we can help you assess what is required and help you regularise and disclose your tax position to HMRC.
If you would like to arrange an initial call to discuss how we can help please do not hesitate to contact us by calling our office or by completing the form on this page.
